Chung Ah-young reports: The financial regulator said Sunday that it may impose additional penalties on officials responsible for large-scale data thefts that occurred earlier this year. The Financial Supervisory Service (FSS) said that it will hold a disciplinary review committee meeting on Oct. 2 to discuss the severity of sanctions towards executives and employees of…
Search Results for: KB Kookmin
KR: Credit card companies fined over customer data protection failures
For the past few years, I’ve covered the consequences Kookmin, NongHyup, and Lotte Card have faced after cardholders’ information was stolen by an contractor’s employee over an 18-month period from 2012 to 2013. I continue to be impressed that even though some of the fines or consequences haven’t been huge by our standards, there have been consequences to both the…
KR: Credit card firms ordered to compensate consumers for data leak
The Korea Herald reports the latest development in a massive data leak first reported at the end of 2013: A local court on Friday ordered three credit card-related companies, hit by a massive data leak in 2014, to give 100,000 won ($83) to each victim, a ruling that could set a precedent for other similar…
KR: Data-leaked card firms may suffer some 100 bln won revenue loss on biz suspension
Yonhap News reports that penalties imposed by financial regulators following data leaks may really hurt card issuers’ bottom lines this year: The three credit card firms hit by recent massive data leaks may lose some 100 billion won (US$93.6 million) in revenues due to a three-month business suspension ordered by the country’s financial regulator, data…
KR: Sanctioned card firms to resume operation this week, but suspension really cost them
Yonhap News Agency reports that although financial regulators are about to lift the 3-month suspension for new sign-ups they imposed on three credit card firms over data breaches, the suspension cost the firms a combined $117,000,000.00 and may cost their top executives their jobs: According to the officials, the Financial Supervisory Service (FSS) will lift…
South Korean card firms suspended over data breach
I remember the cheers at school football and basketball games, “We don’t mess around – HEY! We don’t mess around – HEY!” I thought of that while reading a news story this morning with a follow-up to a breach affecting 15-20 million South Korean credit card holders by a contractor’s employee: South Korean authorities have…